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The note is resistant to dirt and moisture and so remains in better condition for longer.

The strength of the polymer material means that the new fiver is also expected to last at least 2.5 times longer than the paper note – around five years.

However, it has been controversial as it emerged that traces of animal-derived additives were used in its production.

The new fiver was issued in September and is more durable and more secure (Image: Joe Giddens - WPA Pool/Getty Images)

What to do if you still old fivers after May 5

Here is what some major account providers have said about whether people can still deposit £5 notes after May 5:

Post Office - The old £5 note can still be used as payment or be deposited into an account at any of the 11,600 Post Office branches.

Barclays - Barclays customers can continue to deposit the paper £5 note into their business or personal account. This will also apply to the old "round pound" when it ceases to be legal tender later this year, having been replaced by the new £1 coin. Barclays said: "We would recommend that customers allow sufficient time to return old notes/coins rather than leave it until legal tender status is withdrawn."

Yorkshire Building Society - It will accept old fivers after May 5 and take them out of circulation when they come into its possession.

Nationwide Building Society - Nationwide will continue to accept the old £5 notes from existing customers. Customers are required to pay the money into their account and they can then automatically withdraw the money in new notes if required.

HSBC - It has said it will continue to accept the old £5 notes from its customers.

Lloyds Banking Group (includes Halifax) - Existing customers will still be able deposit the old £5 notes.

RBS/NatWest - It said that if a customer brings in one of its notes that is out of circulation, it replace them with new ones.